EOBI (Employees' Old-Age Benefits Institution) is a social security organization in Pakistan that provides pensions and other benefits to employees who have retired, become disabled, or lost a breadwinner. EOBI Pension is one of the most important benefits provided by the organization to the retired employees of both public and private sectors. In this article, we will discuss the various aspects of the EOBI Pension.


Eligibility Criteria for EOBI Pension:

To be eligible for the EOBI Pension, an employee must have contributed to the EOBI fund for at least ten years. The contribution is made by both the employee and the employer. The contribution rate is currently 5% of the employee's monthly salary, which is split equally between the employee and the employer.

Types of EOBI Pension:

The EOBI Pension is divided into two types: Old-Age Pension and Survivor's Pension. Old-Age Pension is paid to employees who have retired, while Survivor's Pension is paid to the family members of an employee who has passed away.

Old-Age Pension:

Old-Age Pension is paid to retired employees who have reached the age of 60 and have contributed to the EOBI fund for at least ten years. The amount of pension is determined based on the employee's average salary for the last twelve months before retirement. The maximum amount of pension that can be paid is currently PKR 8,500 per month.

Survivor's Pension:

Survivor's Pension is paid to the family members of an employee who has passed away while in service or after retirement. The family members who are eligible for Survivor's Pension include the spouse, children, and dependent parents. The amount of pension is determined based on the employee's average salary for the last twelve months before death. The maximum amount of pension that can be paid is currently PKR 6,500 per month.

Process to Apply for EOBI Pension:

To apply for the EOBI Pension, the retired employee or the family members of the deceased employee must submit an application to the EOBI office. The application must include the following documents:

National Identity Card (NIC) of the employee or the family member
Retirement or death certificate
Last pay certificate or salary slip
Bank account details
The EOBI office will review the application and the documents submitted and will process the pension application. Once the pension application is approved, the pension amount will be deposited into the bank account provided in the application.

Conclusion:

The EOBI Pension is an important benefit provided by the Employees' Old-Age Benefits Institution to the retired employees of both public and private sectors. It provides financial security to the retired employees and their families. To be eligible for the EOBI Pension, an employee must have contributed to the EOBI fund for at least ten years. The amount of pension is determined based on the employee's average salary for the last twelve months before retirement or death. The EOBI Pension application process is simple and requires the submission of a few documents to the EOBI office.